Increasing Retirement Age Worsens Job Availability for Youth -ABCON

Nigeria’s Association of Bureaux De Change Operators (ABCON) has attributed youth growing unemployment to the constant increase in retirement age.

The association disclosed this in its quarterly economic review report for the quarter ended September 2020.

It said the Federal Government should focus on increasing retirement facilities instead of increasing retirement age.

“Increasing workforce retirement age is counterproductive under conditions of high youth unemployment rate, instead government should prepare solid post retirement facilities,” ABCON stated.

The statement was after the Federal Government’s recent decision to increase the retirement age of teachers from 60 years to 65 years.

ABCON said this would work against policies implemented to reduce youth unemployment in the nation.

Speaking on the nation’s foreign exchange rate, the association said the monetary authority should intervene in selected priority sectors through incentives to allow the smooth flow of the whole economy.

The association also reiterated the need for the Central Bank of Nigeria to address the huge foreign exchange rate mismatch.

It added that “It is imperative for the monetary authority to actively participate with precision through market level interventions.

“Volumetric interventions and demand push exchange rates must automatically influence the market in the direction the authority desires.

“As example, it is illogical to intervene in the market at N380 when open market is moving at N460. Who takes the margin? This is an exchange rate mismatch.

“The solution to the problem is not throwing millstones or blackmail of any sub-sector of the market, the margin ends in one market and is functional to the volume to satisfy market deficit in supply.”